S&P 500 Closes at Record Amid Deal Activity, Corporate Earnings

The S&P 500 Index closed at a record for the fifth time in six days, as technology shares rallied amid deal activity while corporate earnings spurred optimism that results this season will be sturdy enough to help sustain equities at record levels.

SoftBank Group Corp.’s agreement to buy ARM Holdings Plc for $ 32 billion spurred gains in semiconductor shares, while tech heavyweights Apple Inc. and Alphabet Inc. rose at least 1.1 percent. Bank of America Corp. advanced 3.4 percent after posting higher profit in each of its four main businesses. Hasbro Inc. dropped 6.6 percent as sales in its boy-oriented toys disappointed, and energy producers retreated with crude oil. The Dow Jones Industrial Average closed at a record for a fifth straight session.

The S&P 500 Index added 0.2 percent to 2,166.83 at 4 p.m. in New York amid light trading, following three consecutive weekly gains.

Equity futures extended a drop on Friday after news that factions of Turkey’s army tried to overthrow the government of President Recep Tayyip Erdogan, but rebounded after the premier’s supporters put an end to the coup by Saturday.

Source: Bloomberg

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S&P 500 Closes Little Changed as Energy Rally Offsets Tech Slide

The Standard & Poor’s 500 Index edged higher, tying its longest rally in more than a year, as commodity producers surged with crude oil to offset declines in technology and consumer shares while investors assessed China’s growth prospects.

The S&P 500 advanced 0.1 percent to 2,001.66 at 4 p.m. in New York, with the gauge above its average price during the past 100 days after closing above that level for the first time this year.

China’s leaders failed to announce specific measures to support the world’s second-biggest economy at an ongoing annual legislature meeting, damping speculation of more stimulus. They set an expansion goal of 6.5 percent to 7 percent for 2016, down from last year’s target of around 7 percent, and said they will permit a record-high budget deficit.

Source : Bloomberg

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